US stock indexes waver, keeping market near record highs

Friday

May 26, 2017 at 9:54 AMMay 26, 2017 at 9:54 AM

U.S. stocks are little changed Friday, keeping indexes near record highs following a six-day winning streak. Technology companies, which have led the market's recent rally, are flat overall. Video game companies are falling as Wall Street was disappointed by forecasts from GameStop. Consumer-focused companies rose.

The Associated Press

NEW YORK — U.S. stocks are little changed Friday, keeping indexes near record highs following a six-day winning streak. Technology companies, which have led the market's recent rally, are flat overall. Video game companies are falling as Wall Street was disappointed by forecasts from GameStop. Consumer-focused companies rose.

KEEPING SCORE: The Standard & Poor's 500 index held steady at 2,414 as of 10:40 a.m. Eastern time. The Dow Jones industrial average was little changed at 21,082. The Nasdaq composite stayed at 6,204. The Russell 2000 index of small-company stocks sank 6 points, or 0.4 percent, to 1,377.

GAME OVER: GameStop's first-quarter results were stronger than analysts expected, but sales of wireless devices were weaker than investors expected. The stock gave up $1.80, or 7.6 percent, to $21.82. Video game publishers also fell. Electronic Arts lost $1.08 to $112.75 and Activision Blizzard slumped 46 cents to $58.76.

EARNINGS: Without much major news to move stock prices, investors continued to trade on company reports. Beauty products retailer Ulta Beauty gained $11.26, or 3.8 percent, to $304.30 after reporting a strong quarter. Competitor Coty picked up 52 cents, or 2.8 percent, to $19.12. Uggs maker Deckers Outdoor turned in earnings that were stronger than expected, and its stock gained $10.10, or 17.9 percent, to $66.67. Costco Wholesale rose $4.28, or 2.4 percent, to $179.01 after the warehouse club had a strong quarter as sales and member payments both increased.

ECONOMY: The Commerce Department said the U.S. economy grew 1.2 percent in the first quarter, which was still weak but better than it originally estimated. Orders for long-lasting goods fell in April, and a category that tracks business investment fell for the second month in a row.

OIL: Crude oil prices inched higher after a sharp drop the day before. Benchmark U.S. crude lost rose 28 cents to $49.18 a barrel in New York. Brent crude, the international standard, rose 23 cents to $51.69 a barrel in London. On Thursday a group of 24 nations including the OPEC countries agreed to a nine-month extension of a cut in oil production.

BONDS: Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.24 percent from 2.25 percent and banks took small losses.

CURRENCIES: The dollar sank to 111.20 yen from 111.80 yen. The euro fell to $1.1172 from $1.1205.